President Trump backed away from further military confrontation with Iran on Wednesday after a barrage of missiles fired at American troops in Iraq, the New York Times reported.

“Iran appears to be standing down which is a good thing for all parties concerned and a very good thing for the world,” Trump said in a televised statement from the Grand Foyer of the White House, flanked by his vice president, cabinet secretaries and senior military officers in their uniforms.

However, he said he would impose more economic sanctions on Iran and called on NATO allies to become more involved in the Middle East.

“The United States is ready to embrace peace with all who seek it,” he said.

His comments came the morning after Iran fired a reported 22 ballistic missiles at a military base in Iraq that houses United States troops in response to last week’s American drone strike that killed Maj. Gen. Qassem Soleimani, commander of Iran’s elite security and intelligence forces.

No American troops were injured or killed in the attacks, the president claimed.

In the hours since, some analysts expressed cautious optimism that the missile strikes might prove the end of the immediate conflict rather than the start of a larger confrontation that could spiral into a full-fledged war. Iran’s Foreign Minister, Mohammad Javad Zarif, said afterward that Iran had “concluded proportionate measures” in its retribution for General Soleimani’s death.